Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,118/mo
+$554/mo- Down payment
- $0
- Funds due
- $10,968
- Interest + MI left
- $409,099
- First ends
- Feb 2053
New loan
New conventional
$2,564/mo
Lowest payment- Down payment
- $27,690
- Funds due
- $36,574
- Interest + MI left
- $377,944
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $301,087 | $249,210 |
| Second mortgage | — | — |
| First P&I | $2,106.65 | $1,725.48 |
| Second P&I | — | — |
| Mortgage insurance | $222.49 | $49.84 |
| Taxes, insurance & HOA | $788.67 | $788.67 |
| Total housing payment | $3,117.81 | $2,563.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$0
Closing costs & prepaids$10,968
Usable credit−$0
Total buyer cash needed$10,968
Earnest money paid−$0
Remaining funds due$10,968
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,769.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$956.00
Initial HOA (3 months)$960.00
Prepaid interest, first (1 days)$58.40
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 3 moOf the original 30-year loan at 7.080%
Interest already paid$81,781Through Nov 2026
Assumption only · ends Feb 2053$409,099
New conventional · ends Dec 2056$377,944